Privately held investment firm Cain International and its local development partner, White Star Real Estate, have secured a €36 mln financing facility from PKO BP, Poland's largest bank, for the delivery of The Park Kraków.
The development will comprise eight buildings and provide 100,000 m2 of new Grade A campus-style office accommodation at the intersection of Kuklinskiego and Saska Streets in near proximity to the Kraków Plaszów train station.
Construction started in June 2020, with Building 1 already more than 70% pre-let and due for completion in Q2 2022 when 4F fitout is scheduled to complete.
'We remain extremely confident in the role that offices will play in the growth of leading cities,' said Daniel Harris, managing director, head of European investment at Cain International.
'The Park’s unique workplace experience, combined with its prime location and thoughtful design puts it in a position to be a trophy asset in one of Poland’s most dynamic cities. This is an important milestone and we look forward to continuing to work with our partners on the delivery of this exciting project.'
The Park Kraków will offer tenants flexible office floors and more than three hectares of green space in a vehicle-free courtyard in the centre of the development. There are also spacious terraces as part of the top floors of the development.
The property was one of the seed assets in Cain’s European Real Estate Opportunity Fund I (EREO I), the debut European fund by the firm which closed in May 2021 with commitments totaling €324 mln.
Bartek Prytula, managing partner at White Star Real Estate Group said: 'Securing this important financing from PKO BP and the execution of the first prelease for over 70% of the space in Building 1 were important milestones for The Park Krakow and a strong indicator of the asset’s quality and appeal, further confirmed by the strong leasing pipeline that we have built over the last year in spite of challenging market conditions.'
